Cash flow comprises of various project related costs in the practice of building technology, construction project management. Managing cash flow can substantially reduce production costs, and construction managers need to take responsibility for confirmation, generation, tracking, reports, and quantify cost from the early stage to the construction phase. A phase budget is generated by construction management firms after bids are received, as the project moves forward, various payments to stakeholders, budget costs, and more are accounted with precise calculations in detail. It is always better for construction project management companies to quantify and estimate precise costs to generate bill of quantities. Once a cost estimation has been made, further updates can be automated through the software program across the complete life-cycle. BIM as a powerful tool or process can integrate, structural designs, project and budget for a predicted cash flow in 5D processes.
Construction Management boosts Contract Management
Construction Managers or Construction Management Companies includes the presence of contracts and provisions in the project cycle. They need to make sure all the necessary information in terms of performance analysis and contract templates are adhered to in terms of administrative and legal responsibilities. Informed data sharing through BIM creates a new dimension for various project deliverables. If there are multiple contractors, then it is the responsibility of the construction manager to monitor administrative and operational decisions.
Budgeting, Cost & Change Management Involves
•Budgeting & Cost Plans
•Value Engineering Updates
•Cash Flow Forecasts
•Pre-Tender Estimate
•Payment Administration
•Tender Evaluation
•Cost Reports
•Final Account